Is link building really dead?

I guess it has not gone unnoticed that Google has recently rolled out another update that makes it harder to build links.

But is this really the end of link building as we know it? No more guest posts, no more "$50 for an insertion please"?

I was thinking of just making cold promotion outreach, but who the flying spider does that benefit?

Or should I simply give a flying pig about Google guidelines and keep doing what I have always done (guest post and paying for insertions)?

Please guys I need some advise on this how are you planning to go about this?